149
149
Dec 4, 2012
12/12
by
CSPAN
tv
eye 149
favorite 0
quote 0
going back to the clinton tax rates, remember, the average american family has taken a hit. median income four years ago was $54,000 a year. it is about $50,000 a year now. this portion of the population has been squeezed. adding taxes on 90% will not be helpful. how much do you want folks to bear? freezing those tax rates for the overwhelming majority of americans is a smart thing to do. host: you said fight later on. guest: the fight would start the next day. we could do what i'm talking about, and negotiations could continue. doing what i'm talking about does not violate what either side is fighting over. they both say this is something we want to do. why not make sure we do not have some last-minute failure at the end of december. guest: what gives you confidence that democrats would agree later on? guest: this is where i disagree with some of my colleagues. they seem to think the american people are leveraged, and this is the democrats leverage. our leverage is in the spending and entitlement issues. the president and his negotiators are smart and able people. they know
going back to the clinton tax rates, remember, the average american family has taken a hit. median income four years ago was $54,000 a year. it is about $50,000 a year now. this portion of the population has been squeezed. adding taxes on 90% will not be helpful. how much do you want folks to bear? freezing those tax rates for the overwhelming majority of americans is a smart thing to do. host: you said fight later on. guest: the fight would start the next day. we could do what i'm talking...
175
175
Dec 9, 2012
12/12
by
CSPAN
tv
eye 175
favorite 0
quote 0
bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve would response to this. we need to scale back from the cliff. at the
bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability....
119
119
Dec 6, 2012
12/12
by
CSPAN
tv
eye 119
favorite 0
quote 0
a combination of allowing the rates on high earners to go back up to what they were under president clinton, and reducing the value of tax deductions and other tax benefits that they get. before i get to how much can be raised by the second, let me just say the president is very, very supportive of curbing tax deductions for high-income households. it's been a part of his plan from his very first budget. in fact, he was and remains the only major leaguer in washington that has put forward a specific, explicit plan that would limit those tax benefits for high- income households that's been examined by the joint committee on taxation, which is the official referee for these issues in congress. that plan, though, doesn't raise the revenue that you need. so out of the president's $1.6 trillion, $950 billion comes from decoupling. decoupling is the high-income rates going away, the middle- class tax cuts becoming permanent. that gets you $950 billion of revenue. the question is could you plausibly replace that revenue just by limiting tax expenditures. there have been lots of different ideas out
a combination of allowing the rates on high earners to go back up to what they were under president clinton, and reducing the value of tax deductions and other tax benefits that they get. before i get to how much can be raised by the second, let me just say the president is very, very supportive of curbing tax deductions for high-income households. it's been a part of his plan from his very first budget. in fact, he was and remains the only major leaguer in washington that has put forward a...
84
84
Dec 5, 2012
12/12
by
CSPAN
tv
eye 84
favorite 0
quote 0
on january 1 we go back to the clinton tax rates on everybody. number two, there's the beginning of a process of $1.2 trillion in spending cuts from the -- half from the pentagon and half from domestic spending. it would be gradual. so if we got to january 1 with nothing done, congress would still have time to act in both areas before the impact of those policies took effect. host: if congress disagree -- if investors start to doubt a deal could be reached, the consequences could prove to be severe and difficult to reverse. causing consumers and businesses to retrench, dampening investment. a genie you could not put back in the bottle. guest: i think there is some basis for that. what's happened in congress, it's been dysfunctional, is that we are doing things not by steady negotiations but by super brinksmanship. that's what happened in the debt ceiling fight last august. that's what happened in the budget debate in december of 2011. when we went right up to the midnight hour to determine whether we were going to keep the lights on in government
on january 1 we go back to the clinton tax rates on everybody. number two, there's the beginning of a process of $1.2 trillion in spending cuts from the -- half from the pentagon and half from domestic spending. it would be gradual. so if we got to january 1 with nothing done, congress would still have time to act in both areas before the impact of those policies took effect. host: if congress disagree -- if investors start to doubt a deal could be reached, the consequences could prove to be...
125
125
Dec 7, 2012
12/12
by
CSPAN
tv
eye 125
favorite 0
quote 0
now four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there has been no count offer from the white house. instead reports indicate that the president has adopted a deliberate stradgeji to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has got a spending problem, not a revenue problem. if the president doesn't agree with our proposal, i believe he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we're ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week. can you characterize that call? did he have any kind of count offer and we understand that he is making clear that it's got to be increase rates fo
now four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there has been no count offer from the white house. instead reports indicate that the president has adopted a deliberate stradgeji to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we...
107
107
Dec 7, 2012
12/12
by
CSPAN
tv
eye 107
favorite 0
quote 0
bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. they don't represent the views of the moody's corporation. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. -- an issue fairly soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear h
bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. they don't represent the views of the moody's corporation. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue...
115
115
Dec 5, 2012
12/12
by
CSPAN
tv
eye 115
favorite 0
quote 0
bill clinton in the white house. they came together to solve some big problems. welfare reform, health insurance reform. folks forget about health insurance reform. we did away with pre-existing conditions. did away with all of the impediments in the large group markets, what they call the plans, had great success in that area, and finally got back into some positive territory. to be truthful, this assumes that all the federal -- all the social security revenues, medicare revenues are getting spent on other projects rather than going in the trust fund and being preserved. we didn't really have a surplus. we were spending social security and medicare revenues to create a surplus. but we did have some better years then. then we go into the bush years. this is important. 9/11 changed the way this country deals with national security. a lot of programs going on much to my surprise, mr. speaker, you remember, we create add brand new federal department with the republican house, republican senate, and republican president. we created a brand new entitlement program, me
bill clinton in the white house. they came together to solve some big problems. welfare reform, health insurance reform. folks forget about health insurance reform. we did away with pre-existing conditions. did away with all of the impediments in the large group markets, what they call the plans, had great success in that area, and finally got back into some positive territory. to be truthful, this assumes that all the federal -- all the social security revenues, medicare revenues are getting...